For a basic biblical library, I would recommend to almost anyone the Anchor Bible Dictionary. It is up-to-date and very helpful. Use it and other basic reference books, such as the HarperCollins Bible Dictionary, together with the LDS Bible Dictionary. I also find helpful many volumes in the Anchor Bible series (commentaries on the books of the Bible, published by Doubleday). The authors of these materials were instructed by their editors to be as informative and as objective as possible.
To build your library with specific biblical and Book of Mormon materials, watch especially for titles conveniently distributed by the Foundation for Ancient Research and Mormon Studies (FARMS) [now called the Maxwell Institute], a nonprofit educational organization that strives to serve the general reader who wants to know more about gospel scholarship. FARMS materials are loaded with great LDS gospel scholarship dealing with ancient scripture.
For the Doctrine and Covenants and modern church history, I would think that everyone would want to have a copy of such reference works as the six-volume History of the Church, Dean Jessee's The Papers of Joseph Smith, and most of the books and reprints made available through BYU Studies. In addition, thousands of volumes about LDS history and doctrine are now readily accessible on CD-ROM, so building a library is now easier than it ever has been before. Mentioning individual titles or authors would go beyond our limits in this article, so ask around. Ask people you respect what general books they have found most helpful.
As you become more focused in your scholarly interests, you will want to acquire advanced books on more specialized topics. Although I wish that better publications and reviews were available across the boards, I find that the best guidance on scriptural and gospel scholarly studies can usually be obtained in the book reviews that appear in scholarly journals such as BYU Studies, the FARMS Review of Books, the Journal of Mormon History, and several important journals in the world of biblical and religious studies generally. I enjoy keeping up by reading several biblical journals, such as the Journal of Biblical Literature, Vetus Testamentum, the Journal for the Study of the Old Testament, or New Testament Studies. For keeping abreast of the current literature dealing with the history of religion in the last two thousand years, one of the better sources is a journal entitled Church History, published at the University of Chicago; but many other fine publications are available in most good libraries and could be equally mentioned.
When reading articles and books written by Jewish, Catholic, Protestant, or secular scholars, a Latter-day Saint gospel scholar needs, of course, to be highly sensitive to some of their assumptions, purposes, methodologies, skepticism, criteria, and biases, for most Mormons probably would not join in all of their thinking. Their problems are not necessarily your problems. Their purposes are not likely the same as your purposes. By reading with discernment and appropriate selectivity, however, any serious Latter-day Saint reader can learn an enormous amount from the research, data, dissection, and analysis of these scholars.
I enjoy knowing what issues other people are struggling with; and often I find that modern scripture puts those issues into an entirely new setting. I am humbled by the fact that lots of people know lots of things. I hope to learn from all of them, including critics, people with another point of view, or even some who turn out to provide only an example of what not to do.
I find that reading Jewish and Gentile scholarship, much like reading the Apocrypha, can be of benefit in many ways, if the spirit is present: "And whoso is enlightened by the spirit shall obtain benefit therefrom" (D&C 91:5). Probably the best source for many standard biblical reference works is the Academic Catalog of the Christian Book Distributors headquartered in Peabody, Massachusetts. Being on their mail list even once will make you their friend forever.
Finally, it is important for gospel scholars to keep up with the latest LDS research and publications. Although there are many popular publishers, magazines, symposia, and lectures that one might wish to read or attend, it is impossible to do it all. For the most carefully researched and source-checked publications, you will probably want to subscribe to BYU Studies, 403 CB, BYU, Provo UT 84602 [http://byustudies.BYU.edu]. As the editor of this publication, I know I am biased toward it and its mission. For forty years, the BYU Studies staff has tried to bring you the best possible faith-promoting scholarship. Over the years, hundreds of the best LDS scholars have published landmark research projects in this journal. This quarterly publication is supported by Brigham Young University and is available to all people for only $20 per year. Drop BYU Studies a note and they will send you a free 1998 catalog.
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